![]() ![]() Significant costs plus a long chain of mechanics are just two challenges for the industry players. Ticketing and gaming, as well as the art industry, could each find a home in the metaverse.īarriers to entry in the NFT space remain high, according to Kominers. "It's a brand new paradigm shift of the internet." NFTs were originally touted as a way to support artists, and entrepreneurs like Gary Vaynerchuk have since seized digital collectibles as opportunities for branding, marketing, and advertising. OpenSea competitors include Nifty Gateway, FTX, and Mintable. "A lot of the most successful players are the ones that have submerged some of the crypto-ness of the system in ways that make the experience for the consumer feel more like a normal online purchasing experience," Kominers told CNBC. Harvard Business School associate professor Scott Duke Kominers emphasized consumer ease as a tenet of success for platforms in the NFT space. The company is focused on bringing consumers an experience that's "quick, easy, and really fun at the end of the day." "We are bringing a new technology to a mainstream audience," Finzer told CNBC. Flashy transactions like the $69 million Beeple sale at Christie's have captured the mainstream's attention, but for co-founders Finzer and Alex Atallah, as well as others in the space, the excitement resides in what's still possible. OpenSea is riding the current wave of interest in non-fungible tokens - unique, collectible digital assets built on the blockchain. At only four years old, OpenSea hit unicorn status with its latest funding round led by Andreessen Horowitz's a16z, with participation from Coatue, Ashton Kutcher, and Shopify CEO Tobi Lutke. So far, the company has garnered financial backing from big names in the crypto community, including Coinbase Ventures, Blockchain Capital, and Mark Cuban. We are working with an outside law firm to conduct an internal review." In a statement to CNBC via email, Finzer wrote: "I was incredibly disappointed by the news and this behavior does not represent our values at OpenSea. "We're conducting a thorough review of yesterday's incident and are committed to doing the right thing for OpenSea users." The company, valued at $1.5 billion, admitted to the incident, and co-founder and CEO Devin Finzer tweeted an apology to users on Wednesday: OpenSea's app launch follows news that one of the company's employees participated in an NFT insider trading scheme. ![]() Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit ![]()
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